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Nifty 50 Dec Futures (10,372)
The Nifty 50 futures contract has gained momentum. After making a gap-up opening (up over 90 points) at 10,363, the contract made a high of 10,400 in the morning. However, it has come-off from the high and is trading around 10,372.
Key intraday support is at 10,350 which is likely to limit the downside during the day. Though a test of this support is possible, a break below it is less likely. An upward reversal after testing 10,350 can take the index futures higher to 10,400 again. Further break above 10,400 will increase the likelihood of the upmove extending to 10,430 thereafter.
Short-term traders can make use of dips and go long near 10,360. Stop-loss can be placed at 10,345 for the target of 10,390. The outlook will turn negative only if the contract declines below 10,350. Such a break can take the index futures lower to 10,325 and 10,300.
Strategy: Go long on dips at 10,360 with a stop-loss at 10,345
Supports : 10,350, 10,325
Resistances: 10,400, 10,430
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